Low-Income Housing Tax Credits & Preservation in Virginia, 2017

20 points are awarded to developments currently subject to HUD’s Section 8 or Section 236 programs or Rural Development’s Section 515 program. In addition, 10 points are awarded to developments receiving new project-based subsidy from HUD or Rural Development for the greater of 5 apartments or 10% of the apartments of the proposed development.

Extended Use

Virginia’s 2017 QAP awards up to 50 points for a commitment to impose income limits on the low-income housing units throughout the extended use period, based on the percentage of housing units in the proposed development both rent-restricted to and occupied by households at or below 50% AMGI.

An additional 10 points are awarded for each percentage point of units in the proposed development that are further restricted to rents at or below 30% of 40% AMGI.

This Working Paper looks at the combination of incentives state agencies are using in their LIHTC programs for affordable housing in neighborhoods with economic growth, quality schools, low crime, and access to...